How big is YOUR bathtub? – Business Growth
By Talmar Anderson
A common denominator for my clients is growth- whether unplanned for growth or written out, controlled growth. For some, it has been slow, staged, incremental growth and for others it was full court press, hit them ‘til it hurts growth. There is a second thing that all of the clients that are already in the midst of growth have in common. They identified the best way to get the message out! Not only identifying the target market and the ideal client, growing companies have identified how best to get in front of their people. While I understand that it is easier to work with an existing client base for growth, today we are talking about new clients for growth. So let’s stop fishing in our own bathtub and look to the big beautiful ocean!
For a company to experience growth we need to have successfully identified the metrics of our new clients and find where they are swimming, right? “BEEEcause you know… it is all about the data, ‘Bout the Data. NO guessing!” (Thank you VERY much Meghan Trainor). We should understand exactly how your clients are coming in to you. How many similarities do your new clients over the last year share? What specifically was happening in each life or business that made THIS the buying moment? And the one I like most, how did they hear about you?
How you are getting your clients will specifically tell you how to spend each and every marketing dollar and the even more precious, marketing time! THIS can be extremely important if you as the business owner are spending any of your own time to be out in the business development of your company. If your branding and marketing efforts include face time, you must be very strategic about it! I will assume that you are already fully on-board and gloss over the fact that marketing must be a part of your budget not just every year but for each and every month. (Don’t already agree? Reach out and we can find some ways to convince you!)
So now that we know who has historically bought from your company and why, we can be strategic about how to expand that reach. Thinking about that market how can you get in front of them? I am not talking about your email list and your social media current connections. If we agree that new client growth is a part of your company’s needs, then we need to stretch beyond our current contacts.
I have complete faith that the prospects on each of your email and social media lists are consistently being followed up within your own company’s sales pipeline process. So this is not about helping them get to the buying decisions faster. (Again, another discussion)
We need to advertise and educate in a space where people that do not know they should be working with your company can find your solution to their problem! How can they buy from you if they do not even know who you are and how you can make their life / company better? We need to be front of that ideal client so that they can even consider hiring us. As each individual’s time is limited, we have to find ways to put our information out there and attract new inquires to develop new prospects. We can close a lot more people from 200 inquiries a month than we can from 4 inquiries. Advertising, whether taking advantage of free opportunities available for your market or as a budgeted item that is systematically addressed, must be a part of your companies processes and marketing efforts.
Get your clients from referrals? Then you still need to advertise! You will now be advertising to your potential referral sources. Your company’s marketing efforts are about expanding the number of referrals sources that lead a perfectly qualified prospect to your fishing pond. Then you can hook them!
If we are going to serve a higher number of prospects to allow for higher sales revenues, then we need to stop just looking to our back yard pond. Yes, it is easy to get to and we know what they like but they already know about you and will be on your lists for when their buying needs come around. Now we need to grow our possibilities. We need to educate and explain to new people how your company can offer great value and benefits. So let’s cast our line wider. Try new avenues that are specific to your ideal market. Make sure to be feeding them to your connections or email list so that it will be easier to keep educating them. Then a little nibble will turn into a nice big bite!
I’d love to hear where you are having “fishing” success!